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Why have commercial papers been the most popular securities, before the Global Financial Crisis? Discuss. In the context of Asset Backed Commercial Papers, conduits are

Why have commercial papers been the most popular securities, before the Global Financial Crisis? Discuss. In the context of Asset Backed Commercial Papers, conduits are special purpose vehicles managed by large commercial banks. Conduits are similar to regular banks in many ways and form an integral part of financial intermediation. Discuss.

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